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Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities...
< Question 12 of 24 > Attempt 3 - 5,000 Suppose that the economy of El...
< Question 12 of 24 > Attempt 3 - 5,000 Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities frontier (PPF) per year for El Paso is illustrated in the graph and is currently producing at the point labeled A. Move point B to show the economy efficiently producing one thousand more cowboy boots. 4,000 40 3.000 3000 Now, determine the opportunity cost of producing an additional 1,000 cowboy boots, i.e., shifting from...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans produced 6,000 Shift point to indicate El Paso increasing production of cowboy boots from point B by another thousand. Determine the opportunity cost of shifting from point B to point C. Enter your answer specified to one decimal place. 7,000 opportunity cost: 6000 pecans This PPF exhibits what kind of opportunity costs? decreasing constant about us Careers priority t o use onctus 5.000 5000...
Please answer both questions, with an explanation Suppose the given production possibilities frontier (PPF) graph shows...
Please answer both questions, with an explanation
Suppose the given production possibilities frontier (PPF) graph shows the fictitious country of Ruritania currently producing at the point labeled Start. If a decision is reached to provide more public goods, to which point will Ruritania move? O D O c O B Start С What is the opportunity cost of that decision? O There is no opportunity cost since the economy is still producing on the PPF. Public goods The private goods...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
The following graph shows the production possibilities frontier (PPF) of an economy that produces drinking water...
The following graph shows the production possibilities frontier (PPF) of an economy that produces drinking water and oil. Points A, B, and C (X symbols) represent three possible output levels in a given month. You can place your mouse over the points to see their exact coordinates. DRINKING WATER Millions of gallons per month 800 0 10 20 30 40 50 60 70 80 OIL (Thousands of barrels per month! Help Clear All Suppose the economy initially produces 540 million...
Below is a production possibilities table for cars an corn in a small town. Good produced...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and coal. The black points (cross symbols) represent three possible output levels in a given month. (Hint: You can click on the points to see their exact coordinates.) Refer to the following graph to answer the questions that follow. 32 28 24 PPF 20 + B CLOTHING (Millions of garments) 16 + 12 4 0 0 100 200 600 700 800 300 400 500 COAL...
HW.A:3.1: Chapter 3 - Aplia Homework 1. Specialization and production possibilities Suppose Spain produces only smartphones...
HW.A:3.1: Chapter 3 - Aplia Homework .1. Specialization and production possibilities Suppose Spain produces only smartphones and tablets. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both tablets and smartphones The shape of Spain's production possibilities frontier (PPF) should reflect the fact that as Spain produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet a- Decrease b- increase The following graphs...
1. Specialization and production possibilities Suppose Bulgaria produces only tablets and smartphones. The resources that are...
1. Specialization and production possibilities Suppose Bulgaria produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized--that is, the same set of resources is equally useful in producing both smartphones and tablets The shape of Bulgaria's production possibilities frontier (PPF) should reflect the fact that as Bulgaria produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone The following graphs show two possible PPFs for Bulgaria's...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and steel. The black points symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates Graph 1 32 28 24 PF 16 100 200 300 400 500 600 700 800 STEEL (Millions of tons) Suppose the economy initially produces 12,000 garments of clothing and 500 million tons of steel, which is represented by point...
< Question 12 of 24 > Attempt 3 - 5,000 Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities frontier (PPF) per year for El Paso is illustrated in the graph and is currently producing at the point labeled A. Move point B to show the economy efficiently producing one thousand more cowboy boots. 4,000 40 3.000 3000 Now, determine the opportunity cost of producing an additional 1,000 cowboy boots, i.e., shifting from...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans produced 6,000 Shift point to indicate El Paso increasing production of cowboy boots from point B by another thousand. Determine the opportunity cost of shifting from point B to point C. Enter your answer specified to one decimal place. 7,000 opportunity cost: 6000 pecans This PPF exhibits what kind of opportunity costs? decreasing constant about us Careers priority t o use onctus 5.000 5000...
Please answer both questions, with an explanation
Suppose the given production possibilities frontier (PPF) graph shows the fictitious country of Ruritania currently producing at the point labeled Start. If a decision is reached to provide more public goods, to which point will Ruritania move? O D O c O B Start С What is the opportunity cost of that decision? O There is no opportunity cost since the economy is still producing on the PPF. Public goods The private goods...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
The following graph shows the production possibilities frontier (PPF) of an economy that produces drinking water and oil. Points A, B, and C (X symbols) represent three possible output levels in a given month. You can place your mouse over the points to see their exact coordinates. DRINKING WATER Millions of gallons per month 800 0 10 20 30 40 50 60 70 80 OIL (Thousands of barrels per month! Help Clear All Suppose the economy initially produces 540 million...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and coal. The black points (cross symbols) represent three possible output levels in a given month. (Hint: You can click on the points to see their exact coordinates.) Refer to the following graph to answer the questions that follow. 32 28 24 PPF 20 + B CLOTHING (Millions of garments) 16 + 12 4 0 0 100 200 600 700 800 300 400 500 COAL...
HW.A:3.1: Chapter 3 - Aplia Homework .1. Specialization and production possibilities Suppose Spain produces only smartphones and tablets. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both tablets and smartphones The shape of Spain's production possibilities frontier (PPF) should reflect the fact that as Spain produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet a- Decrease b- increase The following graphs...
1. Specialization and production possibilities Suppose Bulgaria produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized--that is, the same set of resources is equally useful in producing both smartphones and tablets The shape of Bulgaria's production possibilities frontier (PPF) should reflect the fact that as Bulgaria produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone The following graphs show two possible PPFs for Bulgaria's...
The following graph shows the production possibilities frontier (PPF) of an economy that produces clothing and steel. The black points symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates Graph 1 32 28 24 PF 16 100 200 300 400 500 600 700 800 STEEL (Millions of tons) Suppose the economy initially produces 12,000 garments of clothing and 500 million tons of steel, which is represented by point...
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